Y-Biologics Q1 2026: Revenue Plummets, Debt Ratio Surges

Q1 2026 revenue KRW 282 million, sharp decline from full-year 2025 revenue of KRW 2.91 billion (quarterly average ~728 million)
Operating loss KRW 3.88 billion, net loss KRW 4.32 billion (Q1 loss narrowed compared to full-year 2025 net loss of KRW 42.0 billion)
Debt ratio 140.49% (up from 109.79% at end of 2025), increased financial risk due to KRW 35 billion convertible bond issuance
Key pipeline YBL-034 (OX40L×TNFα) in Phase 2, global tech transfer deal signed (total ~$944 million)
R&D expense 969.85% of revenue (KRW 2.73 billion), maintaining high R&D intensity
Cash and cash equivalents KRW 275 million low, but current assets including short-term financial products KRW 42.48 billion

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